The moves are meant to tackle Britain's poor productivity performance, stimulate economic growth, drive up wage levels and be at the forefront of technological change.

The white paper, building on the Budget announced last week by Chancellor Philip Hammond, recognises the Bank of England's assessment that improved management and leadership is a key factor in boosting productivity; it acknowledges that poor management skills could account for a quarter of the productivity gap between the United Kingdom and the US.

The document sets out four "grand challenges" that the government, working with business, academia, and society at large, has committed to overcoming in the coming years.

'We will also encourage industries to lead in adapting their workplaces to the requirements of an ageing workforce.

Business Finance analyst Carl D'Ammassa, at investment bank Aldermore, said: "It is early days for the Government's new Industrial Strategy, however it appears that the lofty ambitions for the Strategy are yet to translate into awareness".

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Meanwhile, German diagnostics firm Qiagen is developing a genomics and diagnostics campus in Manchester, and has confirmed it will expand its operations in the city, with the potential to create 800 new jobs.

It could mean around £80 billion of additional investment in advanced technology in the next decade, helping to transform whole sectors, create new industries and support innovation across the country, the Government said.

David Willetts, a former Conservative minister and now chair of the Resolution Foundation think tank, said the strategy needed to concentrate more on lower paying sectors.

The Government has vowed to spend 2.4% of GDP on R&D by 2027, which it hopes will an extra £80bn in advanced technology in the next 10 years.

However, it met with a lukewarm welcome from former Conservative deputy prime minister Michael Heseltine, who said on Sunday said that the best industrial strategy for the United Kingdom would be to "stop the Brexit initiative".

Prime Minister Theresa May said the strategy will support businesses in seizing opportunities such as artificial intelligence and big data while making sure young people have the skills to take on the high-paid, high-skilled jobs this creates.

"As we leave the European Union and forge a new path for ourselves, we need to focus on building a better future for our country and all the people who live in it".

The announcement also offered open invitations to businesses, academic groups and civil society to work and engage with the government to innovate and develop new technologies in these fields.

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